Actis PE brochure

Page 1

Actis Private Equity


Contact details

Thank you for taking the time to read this summary of our approach and achievements. We would be delighted to speak with you in more detail on any aspect of this report, or simply to answer your questions. We look forward to hearing from you.

Regions

Sectors

Africa

South Asia

John van Wyk jvanwyk@act.is

JM Trivedi jtrivedi@act.is

Cairo +202 2792 9220 Johannesburg +27 11 778 5900 Lagos +234 1 448 5700 Nairobi +254 20 2219 952

Mumbai +91 22 6146 7900 Delhi –Operations +91 11 66157200

China Dong Zhong dzhong@act.is Beijing +86 10 6535 4800

Indonesia Ivy Santoso isantoso@act.is

Latin America Chu Kong ckong@act.is and Patrick Ledoux pledoux@act.is São Paulo +55 11 3844 6300

2 – Actis Private Equity: a synopsis

South East Asia Danny Koh dkoh@act.is Singapore +65 6416 6400

United Kingdom Paul Fletcher pfletcher@act.is London +44 20 7234 5000

Head of Private Equity Peter Schmid pschmid@act.is Head of Consumer Rick Phillips rphillips@act.is Head of Financial Services Mark Richards mrichards@act.is Head of Healthcare Arjun Oberoi aoberoi@act.is Head of Industrials Sachin Korantak skorantak@act.is


Actis in brief

We are a global investor committing capital exclusively in high growth markets Actis currently manages $5.2 billion We partner with quality management teams and businesses to serve the $30 trillion consumer market We bring deep and relevant understanding of industries and sectors globally Our in-house operational experts understand what business entrepreneurs need to succeed Our investment professionals live and work in high-growth markets We have 60 year legacy of investing responsibly into 70 countries In the last 10 years we have made 109 investments, exited 28 companies and made 2.9 TMB and 30% IRR

Front cover image: 7 Days Inn Group, China

Actis Private Equity: a synopsis – 3


4 – Actis London, United Private Kingdom Equity:

a synopsis


A unique firm with a distinctive heritage Actis launched its first fund in 2004 building on a 60 year legacy. We invest in private equity, energy and real estate opportunities in Asia, Africa and Latin America. In 2004, Actis had one investor and $1 billion assets under management, today we have 142 investors and $5 billion assets under management. 120 investment professionals work across 25 countries, actively managing investments in 65 companies in partnership with owners, co-investors and management. Actis is known for its bold, innovative deals, and operational excellence, setting the highest standards and strong returns. Our heritage enables the Actis team to anticipate and respond to trends and events, drawing on an unrivalled depth of experience. Revolutions, currency depreciation, civil war, inflation, bubbles and downturns – we have partnered with businesses through all this and more.

Actis Private Equity: a synopsis – 5


6 – Actis Private Equity: a synopsis


Our approach

Our investment strategy responds to two macro-trends; the demands of a fast growing domestic consumer class and the urgent need for infrastructure. We focus on:

Building market leaders

Mid-market growth businesses with limited leverage. We typically invest $50–$250 million backing talented managers to buy out businesses or as expansion capital.

Sector focus

Our investment professionals specialise by industry.

Operational improvements and value creation

Our in-house consultants bring professional expertise to running portfolio companies with management.

Positions of influence

We take significant minority or majority share holdings.

Buy-and-builds

We respond to two macro-trends; the demands of a fast growing domestic consumer class and the urgent need for infrastructure

We build proprietary platforms to mitigate high prices.

Family businesses

We partner with family companies to professionalise management and raise performance.

Responsible investment

We enhance exit valuations and mitigate risk by applying the highest Environmental, Social and Governance standards.

The positive power of capital

We invest responsibly and sustainably, adding financial and social value to our investments.

Universidade Cruzeiro do Sul, Brazil

Actis Private Equity: a synopsis – 7


8 – Actis MSCC and Actis Private leadership Equity:

a synopsis


Working with your business

We partner with you to grow your business We know your market and its global context We specialise by industry

Our sector and operational expertise Every Actis professional specialises in investments within a specific sector:

Our investment professionals are supported by the following teams:

Consumer

Value Creation

Discretionary spend in casual dining, retail, home and personal care. Educational services be it after school coaching, lifelong learning, e-learning or private universities are attractive sub-sectors.

Financial services

Backing high street banks, consumer credit, financial services distribution, payments and specialist process outsourcing.

Healthcare

Clinics, hospitals, pharma, medical devices, research and services.

Industrials

Power and construction equipment, automotive manufacturing, construction materials and other services to the industrials sector.

Operational experts work alongside the investment team to identify areas of potential improvement in each investment for example, accelerating sales growth, margin improvement, increasing efficiency and at times making and integrating acquisitions.

Banking

In-house experts secure the best terms for all aspects of debt raising and restructuring, coordinating banking relationships globally and executing IPO, M&A and coinvestment processes. The sector based approach enables us to trace themes across regions. Building a group of higher education colleges in China gives us insight when we invest in a similar business in Brazil. A casual dining chain in Beijing has similarities with the same type of business in Lagos. We anticipate changing political, commercial and social circumstances by specialising by industry, being present on the ground, and working as a single team with a global value creation group and investment committee.

Actis Private Equity: a synopsis – 9


10 – Actis Mother and Son, Private Sa˜o Paulo, Equity: Brazil a synopsis


Investing responsibly

Experience has taught us that well run, responsible businesses rightly command a premium on exit. Since Actis opened for business in 2004 we have applied the highest standards of health, safety, environmental practices, business integrity and good corporate governance. Actis has a dedicated inhouse team advising portfolio companies and their management teams. Reaching these high standards (or showing a willingness to work with us to meet them) is a condition of investment. We take our cue from the United Nations’ Principles for Responsible Investment. We have also adopted the World Bank and IFC standards. This approach: • Uncovers ways to save money and become more efficient • Minimises environmental impact • Reduces the risk of litigation • Builds lasting businesses • Contributes to a safer workplace • Improves employee well-being and productivity

Deal team:

Mark Goldsmith, Director, ESG

Ritu Kumar, Director, Senior Advisor, ESG

Actis Private Equity: a synopsis – 11


Actis at a glance

We have investment professionals living and working in the following countries

London

Cairo

Mumbai

Lagos Nairobi

10

SĂŁo Paulo Johannesburg

offices

25

countries

$5.2bn 116

*

funds under management

private equity deals in emerging markets

*As at Sept 2012

12 – Actis Private Equity: a synopsis


60+

years of on-the-ground experience

161

Limited partners

Beijing

Delhi

115

investment professionals

Singapore Jakarta

“Actis has been instrumental in expanding our horizons beyond Brazil to India, which has been extremely valuable.” Guilherme Benchimol, Founder and CEO of XP Investimentos

Actis Private Equity: a synopsis – 13


Current private equity portfolio This shows Actis private equity portfolio companies, at 31 January 2013. Individual Investment Managers are supported by the relevant sector team, the Responsible Investment team, the Value Creation Group, the Legal team and the Communications team.

Sector

Region

Investment company

Consumer

China

7 Days Inn Group

China

Ambow

China

Bellagio

China

China Post-Secondary Education

Latin America

CNA

Latin America

CSD

China

EIC

Latin America

Gtex

South Asia

Nilgiri’s

South Asia

Super-Max

Africa

Tracker

Latin America

Universidade Cruzeiro do Sul Educacional

Africa

Vlisco Group

South Asia

AGS

Africa

Alexander Forbes

Africa

CIB

Africa

DFCU

Africa

Diamond Bank

Africa

EMPH

South Asia

IDFC

South Asia

Integreon

South Asia

National Stock Exchange of India

Latin America

XP Investimentos

South Asia

Anthelio Healthcare

South Asia

Asiri Group

China

Nanjing Micro-tech

South Asia

Sterling Add-Life

South Asia

Veeda

Africa

Actom

South Asia

AVTEC

South Asia

Dalmia Cement

South Asia

Endurance

South Asia

Halonix

South East Asia

KS Distribution

South Asia

LMKR

Africa

Mouka

Africa

RTT Group

Africa

Sinai Marble

South East Asia

Teknicast

South Asia

TEMA

China

Vesta

Financial Services

Healthcare

Industrials

14 – Actis Private Equity: a synopsis


Key • Africa • China • Latin America • South Asia • South East Asia

Description

Location

Deal type

Investment date

Budget hotel chain

China

Expansion

Oct 2008

Personalised education and training

China

Expansion

Sep 2008

Casual dining chain

China

Replacement

Mar 2012

Education service provider

China

Expansion

Jan 2010

English language training services

Brazil

Expansion

Sep 2012

Supermarket/retail chain

Brazil

Expansion

Sep 2010

Education service provider

China

Replacement

Aug 2011

Cleaning products

Brazil

Expansion

Oct 2010

Convenience stores

India

Buy-in

Oct 2006

Manufacturer and marketer of shaving blades and toiletries

India

Replacement

Feb 2011

Stolen vehicle tracking and recovery

South Africa

Replacement

Oct 2011

Education service provider

Brazil

Expansion

Feb 2012

Fashion fabrics

Sub-Saharan Africa

Buy-in

Sep 2010

ATMs and retail automation solutions

India

Expansion

Aug 2012

Diversified financial services

South Africa

Buy-out

Jul 2007

Bank

Egypt

Replacement

Jul 2009

Bank

Uganda

Replacement

Jan 2003

Bank

Nigeria

Expansion

Apr 2007

Payments processing

Africa & Middle East

Buy-out

Infrastructure finance

India

Expansion

Professional services outsourcing

India

Expansion

Feb 2010

Stock exchange

India

Expansion

Apr 2007

Retail broker dealer

Brazil

Expansion

Nov 2010

Hospital operations outsourcing

India

Expansion

Oct 2010

Multi-specialty tertiary care hospital chain

Sri Lanka

Expansion

Aug 2012

Medical equipment

China

Expansion

Sep 2012

Hospital owner and operator

India

Expansion

Jun 2006

Clinical research organisation

India

Expansion

Feb 2007

Manufacturer and distributor for electrical engineering industry

South Africa

Buy-out

Aug 2008

Engine and transmission manufacturer

India

Replacement

Jun 2005

Cement plant

India

Expansion

Mar 2006

Auto components manufacturer

India

Replacement

Dec 2011

Bulb and lamp manufacturer

India

Buy-in

Oil and gas

South East Asia

Replacement

Information management services for oil and gas industry

Pakistan

Expansion

Oct 2007

Foam products manufacturer

Nigeria

Replacement

Jun 2007

Supply chain and logistics services

South Africa

Buy-out

Commercial marble exporter

Egypt

Expansion

May 2007

Aluminium die casting

Malaysia

Buy-out

Aug 2008

Manufacturer of heat exchangers

India

Expansion

Apr 2005

Catering equipment and manufacturing

China

Buy-in

Jul 2010 Aug 2010

Jun 2006 May 2010

Jun 2007

Actis Private Equity: a synopsis – 15


16 – products Paras Actis Private

Equity: a synopsis


Paras

Consumer

Paras is a health and personal care company in India. Its products and marketing campaigns chime with the needs of India’s growing middle class. Actis first invested in Paras in 2006 for a minority position. Paras had attractive attributes at the time of investment – a strong portfolio of brands, a presence in growing sub-sectors such as male grooming and haircare, and a track record of building differentiated brands, often in stagnant categories. In 2007, we made an additional investment and in 2008, a further investment in the company, gaining management control. The scale of Paras’s achievement was reflected in the highly competitive auction process which kicked off in 2010 – this included bids from several large global MNCs.

Actis has worked with Paras to: • Professionalise senior Management Institutionalise and transform a family-owned and national company to a thriving business of international standing • Improve sales and distribution • Rationalise the product range and repositioning the company’s branding strategy • Introduce South-South trade • Expand margins from 22% to c.29% and grow EBITDA at 24% CAGR from FY06 to FY11 • Improve ESG processes

Date of investment: August 2006 Deal type: Replacement Capital Country: India Shareholding: 63% Actis investment: US$121m

Exit: 2011

“We have been on a rewarding journey with Actis, the quality of our partnership has been the key reason for the company’s recent success.”

In April 2011, Actis sold Paras to UK based FTSE 100 firm, Reckitt Benckiser for US$726m.

Girish Patel, CEO and Founder of Paras

Deal team:

Arjun Oberoi Rick Phillips Partner, Head of Consumer Director, Head, Healthcare

Homer Paneri Director, Business Services

JM Trivedi Partner, Head, South Asia

Shomik Mukherjee Partner, Value Creation

Actis Private Equity: a synopsis – 17


18Investimentos, XP – Actis Private BrazilEquity:

a synopsis


XP Investimentos Financial services

As more and more Brazilians build their personal wealth, they are keen to understand money matters and construct their own investment portfolios. XP Investimentos, Brazil’s largest independent brokerage firm is a pioneer in providing individuals with access to financial education. XP has trained more than 500,000 people in topics ranging from personal finance to portfolio management.

Actis has worked with XP to:

XP began operations in 2001. It now has US$3.5 billion in assets under administration, over 100,000 customers serviced by 1,500 exclusive advisors based in 450 branches in more than 140 cities across Brazil.

• Support acquisition of 5 targets to consolidate the brokerage industry and develop B2C online capabilities

In December 2012, Actis announced the partial realisation of XP, selling close to half its original stake to private equity firm, General Atlantic.

• Shift business to a broad based wealth management platform, allowing the company to:

− I nvest in improved technology and new product development

− E xpand its branch network

− F und the acquisition of other retail brokers

• Acquire customers through its education franchise and provide more courses

Date of investment: November 2010 Deal type: Expansion Country: Brazil Shareholding: 10% Actis investment: US$59m

• Launch its retail mutual fund sales platform • Develop XP’s long term strategy, focusing on growth of the B2B channel and customer loyalty • Strengthen the corporate governance, creating a Board of Directors and introducing Mark Collier, a former senior executive of Charles Schwab, as independent non-executive director • Conclude a partial exit to General Atlantic

With Actis’s backing XP has more than doubled in value since 2010, diversified into new product lines, and made five acquisitions; client numbers have increased twofold to over 100,000 active customers.

Deal team:

Mark Richards Partner, Head, Financial Services

Nick Luckock Partner, Financial Services

Denis Pedreira Director, Business Services

Patrick Ledoux Partner, Co-Head, Latin America

Chu Kong Partner, Co-Head, Latin America

Nelson Bechara Director, Value Creation

Actis Private Equity: a synopsis – 19


20 – catering Vesta Actis Private equipment, Equity: Chinaa

synopsis


Vesta

Industrials

Vesta Catering Equipment is a manufacturer of commercial kitchen equipment in China. It is a fast growing industry underpinned by the rising trend for dining out in China and a growing appetite for Western-style cuisine, especially amongst younger customers. Founded in 1993, Vesta is well established as the leading manufacturer in China and is over three times bigger than its next competitor, with c. 8% domestic market share and c. 13% exports market share. Vesta’s flagship brand, Justa, was established in 2000 and has grown to become one of the most influential equipment brands in China.

Actis has worked with Vesta to: • Professionalise this family run business to a modern enterprise • Establish a formal board of directors; retaining three seats on the board; and bringing in an independent director to lead in customer acquisitions • Steer business strategy to reduce its reliance on developed markets and drive domestic sales more aggressively

Date of investment: May 2011

• Improve workplace safety and workers accommodation

Country: China

Actis sold Vesta to ITW International in July 2013

Actis invested in Vesta in May 2011 after identifying it as a successful first mover in the Chinese catering equipment market. Vesta is already recognised as a leader in Westernstyle equipment, now Actis is working with the management team to better capture opportunities within the vast Chinese catering market, extending product lines and building out a strong domestic distribution channel.

Deal type: MBI

Shareholding: 70% Actis investment: US$48m

Vesta is over three times bigger than its next competitor.

Deal team:

Dong Zhong Partner, Head, China

Jason Zhang Director, Healthcare

Rick Phillips Partner, Head, Consumer

Angus Or Director, Value Creation

Actis Private Equity: a synopsis – 21


22 – Actis Actom manufacturing Private Equity: plant, South a synopsis Africa


Actom Industrials

For more than 100 years, Actom (formerly Alstom) has led the way as South Africa’s major electrical engineering, manufacturing, distribution and contracting company. The business runs 43 production facilities, owns 22 operating units and has 36 distribution centres. It employs more than 7,500 people in South Africa, all working to ensure that supply meets the country’s energy needs. Actis invested in Actom as the government embarked on a significant infrastructure programme to increase South Africa’s electricity generation and distribution capacity to meet the country’s growing domestic consumption.

Actis has worked with Actom to: • Drive new opportunities in renewable energy developments, independent power producers and the rail sector. • Pursue strategic acquisitions • Expand its network of technical suppliers • Secure a growing number of contracts and additional tenders • Improve operational efficiencies, working capital management and cash flow • Ensure compliance with international environmental and safety standards

Date of investment: August 2008 Deal type: MBO Country: South Africa Shareholding: 34.3% Actis investment: US$176m

• Extend its footprint across Africa and explore potential relationships with companies in India and other emerging markets

Actis aims to extend its footprint across Africa, helping the continent fulfil its potential. Deal team:

John van Wyk, Partner, Head, Africa

Jonathan Matthews Director, Industrials

James Smith Director, Value Creation

Ngetha Waithaka Investment Principal

Actis Private Equity: a synopsis – 23


24 – Actis Sterling doctor, Private Gujarat, Equity: India

a synopsis


Sterling Add Life Healthcare

Sterling Add-Life is a c.1150 capacity 7-hospital chain in Gujarat. It is the dominant player in the region and has presence across Ahmedabad, Baroda, Rajkot, Bhavnagar, Adipur, Mundra and Mehsana. Sterling provides quaternary care services across over 30 specialties and is considered to be the hospital of last resort for complex cases in the region. Actis recognised the opportunity in the underserved healthcare services market in India and invested in Sterling.

Actis has worked with Sterling to: • Hire a professional management team, including the CEO, CFO and COO, and institute an ESOP programme • Carry out a detailed budgeting exercise to chart growth towards exit and identify areas for pruning cost structure • Engage with consultants to make operational improvements • Create a blueprint to grow from its c.175 bed capacity in 2006 to the present c.1150 • Expand to new areas • Diversify revenue base by increasing specialties offered, including high end procedures like liver, renal and bone marrow transplants

Date of investment: 2006 Deal type: Buyout Country: India Shareholding: 77% Actis investment: US$46m

• Maintain the highest standards of healthcare. Ahmedabad and Baroda hospitals are both accredited by the National Accreditation Board for Hospitals (NABH); accreditation for the newer sites is underway

Recognised as one of India’s top regional healthcare companies, patients from Rajasthan, Madhya Pradesh and Maharashtra travel to Gujarat to access Sterling’s facilities.

JM Trivedi Partner, Head, South Asia

Jaideep Wadha Director, Value Creation

Deal team:

Arjun Oberoi Director, Head, Healthcare

Ritu Kumar Director, Senior Advisor, ESG

Shomik Mukherjee Partner, Value Creation

Actis Private Equity: a synopsis – 25


26 – Actis Vlisco model, Private West Africa Equity:

a synopsis


Vlisco Group Consumer

Vlisco Group is a 164-year old iconic premium fabric business with a portfolio of brands in Africa. It is well known as the industry gold standard for its outer wax quality products and original designs. Vlisco Group designs, manufactures and distributes 51 million yards of branded fabric a year primarily for the West and Central African markets. Vlisco Group employs over 2,100 people. Vlisco Group has operations in Holland and serves the African consumer. We knew we could help Vlisco Group make the bridge between developed and developing markets. When we took over Vlisco Group, Hans Ouwendijk, formerly of Mexx and Laura Ashley, joined as CEO.

Actis has worked with Vlisco Group to: • Double the size of the business over three years and shift it from a production focused organisation to one with a developed sales and marketing culture that manages all of its brands together • Grow into new Africa markets • Expand the Dutch manufacturing capacity

Date of investment: September 2010 Deal type: MBI

• Reposition the domestic brands

Country: West Africa

• Keep a tighter focus on raw material purchasing and inventory management

Shareholding: 98% Actis investment: US$88m

Vlisco Group designs, manufactures and distributes 51 million yards of branded fabric a year

Deal team:

Rick Phillips Partner, Head. Consumer

David Cooke Director, Consumer

Murray Grant Partner, Africa

Yann Pambou Investment Principal

Fash Sawyerr Director, Value Creation

Actis Private Equity: a synopsis – 27


28 – Actis Xiabu Xiabu, China Private

Equity: a synopsis


Xiabu Xiabu Consumer

Xiabu Xiabu is China’s most popular hotpot restaurant chain, founded in 1998. Xiabu pioneered the individual, bar-style hotpot format and has grown rapidly in three years to become the largest hotpot quick service restaurant chain in Beijing. Most Xiabu restaurants are located in office blocks and shopping malls, and attract crowds of white-collar diners looking for affordable, fresh, hygienic and healthy food. Hotpot is among the fastest growing segments of the Chinese restaurant industry. The catering market in China was estimated at US$134 billion in 2006, having grown at 18.8% CAGR over 20012006, outpacing retail growth of 15.2% CAGR over the same period.

Actis worked with Xiabu Xiabu to: • Increase revenues: 2008 to 2011, from US$32.3m to US$166.8m, a 3-yr CAGR of 74% • Strengthen management: we hired an experienced Operations Director in 2009, with more than ten years of experience working for McDonalds, to enhance store operations and staff training • Make operational improvements • Roll out 204 new stores, with plans to open another 100

Date of investment: July 2008 Deal type: MBO Country: China

• Expand into Shanghai

Actis investment: US$51m

• Build a central kitchen and logistics centre in Beijing to serve up to 300 restaurants in the area.

Exit: 2012

• Introduce a Quality Assurance Director • Improve energy efficiency and food wastage

At the time of investment, Xiabu Xiabu had 60 restaurants in Beijing and Tianjin. On exit, Xiabu Xiabu was the largest individual bar-style hotpot chain in China with more than 300 restaurants nationally. Deal team:

Meng Ann Lim Rick Phillips Partner, Head of Consumer Partner, Head, SE Asia

Dong Zhong Partner, Head, China

Angus Or Director, Value Creation

Actis Private Equity: a synopsis – 29


Our people

Our senior private equity team

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Chief Investment Officer Alistair Mackintosh Head of Private Equity Peter Schmid Head of Africa John van Wyk Head of China Dong Zhong Co-head of Latin America Chu Kong Co-head of Latin America Patrick Ledoux Head of South Asia JM Trivedi Head of South East Asia Danny Koh Head of Consumer Rick Phillips Head of Financial Services Mark Richards Head of Healthcare Arjun Oberoi Head of Industrials Sachin Korantak COO & Head of Banking Chris Coles Head of Value Creation Group Joe Sinyor Head of Responsible Investment Mark Goldsmith

30 – Actis Private Equity: a synopsis

From top left - right

Consumer

Financial services

Healthcare

1. Rick Phillips, Partner 2. Natalie Kolbe, Partner 3. Dong Zhong, Partner 4. David Cooke, Director 5. Sherif Elkholy, Director 6. Max Lin, Director 7. Ivy Santoso, Director 8. Prabir Talati, Director

9. Mark Richards, Partner 10. Nick Luckock, Partner 11. Hossam Abou Moussa, Director 12. Danny Koh, Director 13. Denis Pedreira, Director 14. Gautham Radhakrishnan, Director 15. Mark Ransford, Director 16. Michael Turner, Director

17. Arjun Oberoi, Director 18. Ngozi Edozien, Director 19. Homer Paneri, Director 20. Jason Zhang, Director


21

22

23

24

25

27

28

29

30

31

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

26

32

From top left - right

Industrials

Investment Committee

Banking

21. Sachin Korantak, Director 22. Mahesh Chhabria, Partner 23. Murray Grant, Partner 24. G Rathinam, Partner 25. Jonathan Matthews, Director 26. John Opubor, Director 27. Asanka Rodrigo, Director

28. Torbjorn Caesar*, Partner Mahesh Chhabria, Partner (see 22) 29. Chris Coles*, Partner 30. Paul Fletcher*, Partner Murray Grant, Partner (see 23) 31. Meng Ann Lim, Partner 32. Alistair Mackintosh*, Partner 33. David Morley*, Partner 34. Shomik Mukherjee, Partner Rick Phillips, Partner (see 1) G Rathinam, Partner (see 24) 35. Peter Schmid*, Partner 36. Michael Till, Partner 37. JM Trivedi, Partner 38. John van Wyk, Partner Dong Zhong, Partner (see 3)

Chris Coles, Partner (see 29) 39. Ramon Walsh, Director

Responsible Investment Team 40. Mark Goldsmith, Director 41. Ritu Kumar, Director

Value Creation Shomik Mukherjee, Partner (see 34) 42. Joe Sinyor, Partner 43. Nelson Bechara, Director 44. Vincent Low, Director 45. Angus Or, Director 46. Fash Sawyerr, Director 47. James Smith, Director 48. Jaideep Wadhwa, Director

* Executive Committee members

Actis Private Equity: a synopsis – 31


The positive power of capital

Private equity in emerging markets is about building businesses, services and knowledge. There is little to strip, and even less to flip. The opportunity to bring capital, corporate governance, management advice and operational improvements to strong local businesses lays the foundation for sustainable growth. In our mind, by investing with integrity, it is possible to be part of building not just a business, or, a sector but a nation. It is this level of ambition that informs our belief in the positive power of capital and our confidence that private equity, done well, can be a constructive, creative force in society.

Our work in Africa, Asia and Latin America brings financial and social benefits to our investee companies, investors and broader civic society. We call this ethos the positive power of capital. Actis LLP is a Limited Liability Partnership registered in England and Wales (registered number OC305927). A list of the members of Actis LLP is open to inspection at its registered office, 2 More London Riverside, London SE1 2JT, England. Actis LLP is regulated by the Financial Conduct Authority. Copyright Š2013 Actis LLP. All rights reserved. Reproduction without permission is prohibited. Trademarks and logos are copyrights of their respective owners.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.